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Key Details
Sold Price $1,200,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Fallbrook
MLS Listing ID 210014904
Sold Date 11/05/21
HOA Y/N No
Year Built 1965
Property Description
The Elder Street Apartments represent a true value add opportunity in the North San Diego County community of Fallbrook. The opportunity consists of a 4 unit building enabling the investor to lock in 30 year fixed rate debt at historically low rates. Constructed in 1965, 729 E. Elder rests on a slab foundation with stucco and frame construction. The 2 story building has a unit mix consisting of four 3 bedroom 1.5 bath units, with all units over 1050 square feet. The 2 ground level units were completely rehabbed in 2016. Separately metered for gas and electric, the units have long term tenants with a solid payment history. The roof was replaced in 2015 and the boiler in 2016 so major systems are relatively new. All plumbing angle stops have been replaced, all toilets are low flow, and plumbing lines are copper. There is a laundry room with leased equipment providing the residents with onsite convenience plus extra income for the owner. Parking is via carports. Purchase this as a 4 unit investment with no income fluctuation from interest rate uncertainty due to the ability to use 30 year fixed rate debt. Number of Furnished Units: 0
Location
State CA
County San Diego
Area 92028 - Fallbrook
Building/Complex Name Elder Apartments
Interior
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Fence Partial
Building
Story 2
Entry Level Two
Level or Stories Two
Others
Senior Community No
Tax ID 1053414100
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Conventional
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Bought with Kelly Kohler • First Team Real Estate
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Tracy Thrower Conyers
Broker Associate, JD | License ID: 01712960
Broker Associate, JD License ID: 01712960